Category Archives: Minnesota First Time Home Buyer

MN First Time Home Buyer 2017

MN-first_time_home_buyer_2016Congrats MN first time home buyer 2016: this is your year to own a home. Before you take the big step to actually buy that house, though, there are some things to keep in mind.

First, examine your finances, including savings, income and available gifts from family members, in order to get an idea of a price range you can afford at this time. Of course you’ll need to consider your expenses, too. Things like your credit rating, the amount needed for the down payment, and current mortgage interest rates all need to be taken into account. If you can find a MN first time home buyer 2017 class to take locally, in person or online, do it. Education can truly help the first time home buyer avoid costly mistakes.

Next, it’s a smart idea to align with a professional real estate agent whom you can trust. Realtors are the negotiators for buying and selling homes. Since they do real estate for a living, they know more than you or the average person. A well chosen realtor can aid you as a MN first time home buyer 2017. He or she knows all about the necessary paperwork, contracts and other things that make up your large investment.

If possible, start the mortgage process before you even make an offer on a home. Obtaining a “pre-approval” letter from a lender will show sellers you’re serious, and that you’re qualified to borrow money to buy the house.

Perhaps the “fun” part of the whole process is picking out potential neighborhoods/streets where you’d like to buy a place, and then visiting “open houses” to see what the places look like inside. Come up with a list of things you “really want” and try to find a home in your budget that has all or most of those things.

When you find a place you love, as a MN first time home buyer 2016 be sure to contact Lake Area Mortgage at 651-209-2900 to learn about home buyer down payment assistance currently available.

4 Great Neighborhoods To Live In When You Work In Downtown Minneapolis

Downtown Minneapolis is a high-energy city with gorgeous architecture, a bustling nightlife, elegant hotels, and the perfect blend of natural beauty and modern style. With some of the best shopping in the area, one of the most diverse art and music scenes in the area, and over 200 miles of trails for hiking, biking, and skiing, this versatile city offers something for everyone who visits. And for those lucky enough to snag a job in the stunning downtown district, Downtown Minneapolis provides extensive avenues for networking, entrepreneurial opportunities, and professional growth.

If Downtown Minneapolis is where you’re working, you’ll definitely want to check out these four surrounding neighborhoods that put you close enough to work that it’s not an outrageous commute every day, but far enough out that you can experience a whole different side of the city when you head home. If Minneapolis is a big move for you, there are plenty of trusted realtors in the area who can do everything from finding you the closest house to your office, explain a break down of the escrow fees, or help you find a lender to work with.

Elliot Park is one of the oldest neighborhoods in the area and has a wide variety of real estate options. From sprawling, older homes to high-rise condos, moving to Elliot Park means having plenty of options. High-end luxury apartments with breathtaking views of the downtown skyline are popular options for young professionals who work Downtown. It is also home to many large churches that are active in the community, North Central University, several gorgeous public parks, and local restaurants that give this neighborhood its own unique personality. One of the most culturally diverse neighborhoods in the city, Elliot Park has its own story and personality, just like the diverse group of people who live there.

Loring Park offers some of the best urban living outside of Downtown. It is a pedestrian-friendly neighborhood with miles of sidewalks for walking, running and biking that run in front of a mix of modern and historical apartment buildings, restaurants, churches, schools and sidewalk boutiques. For upscale apartment living, Loring Park offers many excellent options. With classic, turn of the century brick buildings that have been converted into luxury apartments and condos, Loring Parks offers a more artistic and creative vibe than its neighboring communities. Many of the homes for sale are older and rich with history and sell for anywhere between $159,000 to $375,000.

The Warehouse District, also called North Loop, is a unique, artsy blend of coffee shops, art galleries. Converted loft condominiums and modern apartments. People love this are because it gives off the “living in the heart of the city” without all of the crowds, noise, and traffic. It is a city rich in history, with many buildings listed on the National Register of Historic Places. This is a fast growing neighborhood has seen an increase in creative and “techy” businesses in the area, mainly because the available warehouse space, ease of public transportation and the local amenities work well with their vision. This family-friendly community is a prime place to buy real estate. Apartments are plentiful, but luxury, single-family homes can also be found in the heart of the neighborhood.

Luxury living at its finest can be found on Nicolette Island, an island in the Mississippi River just north of Saint Anthony Falls. There are numerous homes with a long, interesting history for sale, as well as upscale apartments and luxury condos. The wide variety of real estate options makes Nicollet Island a popular place for young professionals who are just getting their feet wet, as well as established business owners who appreciate the upscale vibe that can be found throughout the island. Gorgeous, million dollar homes built at the turn of the century overlook the water, and high-end apartments define high-rise living.

Working in Downtown Minneapolis means passing breathtaking skyscrapers, navigating the skyway system, crossing the Stone Arch Bridge, or passing through Gold Medal park, all just on your typical commute to the office. If your occupation has brought you to Downtown Minneapolis, living in some of the surrounding neighborhoods is the best way to stay connected with the community, live in luxury, and be part of a city rich in culture and diversity.

First Time Buyer Program In Minnesota

First_time_buyer_program_in_MinnesotaThe first time buyer program in Minnesota involves homebuyer education, as it smartly and rightfully should. After all, home ownership is a bit complicated and can seem somewhat overwhelming to most people, especially first time home buyers, right?

Since owning a home gives a person a sense of pride and accomplishment, it makes sense that they’re well educated on the ins-and-outs of what it means to own and maintain a home in this day and age. Homebuyer education programs in Minnesota are offered in-person and online.

If you’re participating in a first time buyer program in Minnesota, there are two offerings you should know about: “Home Stretch,” which are in-person classes which typically take up a minimum of 8 hours at a time, and “Framework,” the most comprehensive online educational course available to first time homebuyers. The advantage with Framework is that it can be taken anywhere at anytime since it’s online. You can go as fast or as slow with it as you’d like.

Whether you learn in-person or online, the first time buyer program in Minnesota is designed to arm you with the knowledge to be smart about your decisions. Some of the topics covered include choosing your best and most appropriate mortgage options, understanding the loan closing process, and managing your credit in order to make owning a home affordable. When is the last time you sat down and truly figured out your overall financial situation? The first time buyer program in Minnesota helps you do exactly that, so you can select the right home for yourself and/or your family. Furthermore, you’ll learn about down payment help as well as special loans available for first time homebuyers– saving you money!

It’s not everyday that most people buy a home. It’s one of life’s biggest purchases. It costs a lot of money, and will take up quite a bit of time on your part. That’s why it’s good to know there is a first time buyer program in Minnesota emphasizing homebuyer education so you’re not going into the whole situation blindly.

 

St. Paul First Time Home Buyer

St._Paul_first_time_home_buyerIf you’re a St. Paul first time home buyer, know that city living can be great for several reasons.

Why do people move to cities like St. Paul? Well, they want to be where the action is. A city is a dynamic place, and St. Paul is no exception. Cities are cultural centers, with things to see and do.

Did you know in 1886 a New York Reporter called St. Paul “another Siberia?” It wasn’t a compliment. It did, however, help get the Saint Paul Winter Carnival started, a tradition which continues today. Indeed, with ice sculpting, a treasure hunt, warm food, and an ice palace, St. Paul city residents enjoy a winter wonderland atmosphere, helping make winter more fun.

A St. Paul first time home buyer often wants to have a house near a nice park, where children can play on the playground, adults can walk, bike or exercise, and people in general can enjoy green space. St. Paul has several recreation locations including Indian Mounds Park, Battle Creek Regional Park, Harriet Island Regional Park, Highland Park, and Rice Park. The city is also associated with the Minnesota State Fair, held nearby in Falcon Heights.

Another benefit of being a St. Paul first time home buyer is that they don’t have to go far to get to the local convention center, performing arts center, or the “Artists’ Quarter,” an area known for great jazz music. From opera to Celtic music, with some pop-rock thrown in for good measure, St. Paul boasts many nice places to listen to live music. There are also a number of quality museums to visit, including the Minnesota Children’s Museum, the Minnesota History Center, and the Science Museum of Minnesota.

Finally, city living in St. Paul makes sense because you’re near a major airport, a major interstate highway, hospitals, and jobs. A St. Paul first time home buyer would do well choosing a house in the city, close to so many amenities.

First Time Home Buyer Incentives Minnesota

first time home buyer incentives Minnesota

First time home buyer incentives Minnesota mean you can make the move from renting to owning– it is possible.

The Minneapolis-St. Paul metro area is a great place to look for a place to live. First time home buyers should know that there are typically some 17,000 homes for sale, which makes the search for what you want easier than in other parts of the country.

As the nation’s economy continues to rebound from the 2008 “rough patch,” the mix of real estate sales in the Twin Cities is lessening for distressed properties (fewer foreclosure/short sale pendings) and instead swinging back toward traditional homes. If you were wondering what an average home sells for in the Minneapolis-St. Paul metro area, consider that the median sales price is around $220K.

For many people, the 2008 economic crash meant they weren’t ready to buy a new house anytime soon. Thankfully, though, some years have passed, and there seems to be more consumer confidence and the housing market is “back on track” with what people have come to expect.

Nowadays, first time home buyer incentives Minnesota include down payment assistance available from the helpful folks at Lake Area Mortgage, so now’s a great time to look for and purchase a Minnesota home.

In 2015, there are plenty of homes to choose from in the Twin Cities region, and median price gains  every year in recent years illustrate that the market is a healthy one. Therefore, buy now, and expect the value of your home to rise if conditions stay the course.

If you’d like to explore what loans are currently available to help finance the purchase of your new Minnesota home, click here and/or call Lake Area Mortgage at 651-209-2900. First time home buyer incentives Minnesota exist in a state which does its best to help its people live where they want in nice homes.

Minnesota First Time Home Buyer Mortgage

Minnesota_first_time_home_buyer_mortgageMinnesota first time home buyer mortgage obtainers should consider buying a home in Andover, MN.

Andover is a safe, growing community in which to live, work and play.

Home to about 32,000 residents, Andover, which was once a stop on the Great Northern Railway, is a place where people want to live, as indicated by its median home price, which is about 14% higher than it is in the Twin Cities metro as a whole. Minnesota first time home buyer mortgage obtainers should definitely consider Andover.

Parents with kids look for areas with great schools, and Andover is one of those places. Andover is part of two of the finest school districts in the state. St. Francis School District 15 covers the northern section of the city, while Anoka-Hennepin School District 11 serves the south 4/5 of the city. Crooked Lake Elementary, Andover Elementary, Rum River Elementary, Oak View Middle School and Andover High School are all located within Andover and are part of School District 11. Meadow Creek Christian School is also located in the city.

Andover’s modern City Center Complex is located at the intersection of Crosstown Boulevard and Hanson Boulevard and is home to the city offices, Public Works Department, Community Center/ YMCA and the Senior Center. Andover is served by a full-time Police Department through a contract with the Anoka County Sheriff’s Department. A professional paid on call volunteer Fire Department also serves the community.

Commercial activities in Andover have increased with construction of a number of new businesses throughout the city. The city is currently marketing several parcels in Andover Station North, a commercial/retail area located north of Bunker Lake Boulevard and west of Hanson Boulevard.

On average, 50 new homes are constructed each year in Andover, with a wide variety of lot sizes, architectural styles and price ranges.

The city has more than 400 acres of community and neighborhood parks, including Kelsey Round Lake Park, a 136-acre nature area for hiking, skiing and environmental observation.

Minnesota first time home buyer mortgage obtainers should contact Lake Area Mortgage at 651-209-2900 to discuss available options to get them a nice place in Andover.

Minnesota First Time Home Buyer 2016

Minnesota_First_Time_Home_Buyer_2016If you’re a Minnesota first time home buyer 2016, you should know about a new program from Fannie Mae. The HomePath Ready Buyer Program from Fannie Mae allows qualifying first time home buyers up to 3% of the purchase price of the subject property in closing cost assistance toward the purchase of a HomePath property. To give you an example, if you bought a home for $150,000 you could save 3 percent, or $4500. And Fannie Mae will even pay the cost of your home buyer education class at the time of closing– good deal.

For the Minnesota first time home buyer 2016, Fannie Mae is trying to encourage first home ownership. Traditionally buying one’s first home has been an overwhelming ordeal for many young and financially struggling people, such as just out of school students and part-time workers who also have to care for an aging parent or little kids. Therefore, Fannie Mae’s HomePath Ready Buyer program exists to give first time home buyers knowledge to make smart decisions during their home buying process. By providing the closing cost assistance, Fannie Mae helps give first time home buyers that extra boost of confidence to accomplish what they want to accomplish.

For the 3% rebate, home buyers need to complete an online education course about buying a home. The course consists of nine 30 minute sessions. When completed, the buyer receives their certificate of completion.

If you plan to be a Minnesota first time home buyer 2016, and you did not own a property in the past three years, you might be eligible for Fannie Mae’s helpful deal. Your plans must include residing in the new house as your primary residence and this program is not for auction, pool or investor sales. Meanwhile, the request for closing cost assistance must be made at the initial offer. Fannie Mae suggests people take the home buyer education course since it must be completed before an offer can be made.

The HomePath Ready Buyer Program from Fannie Mae is just one way a Minnesota first time home buyer 2016 can save some money on the path toward owning their new home.

First Time Home Buyer Mortgage Minnesota

first time home buyer mortgage MinnesotaFor the first time home buyer mortgage Minnesota recommends knowing about FHA loans. These are loans from the Federal Housing Administration that are somewhat easier to get even after the subprime meltdown happened a couple years ago. When a first time home buyer mortgage Minnesota applicant seeks out a FHA loan they find that the FHA is pretty lenient on credit issues and a credit score of only 620 should work to secure one. Typically, other loans require a credit score of 720 or higher.

Did you know you can get a FHA loan even if you’ve had a previous bankruptcy? It’ll take two years after the discharge date, but it is possible. So what could prevent you from getting a FHA loan? If you have had any federal liens, you’re out of luck. Federal liens might include tax liens or defaults on student loans, for example.

Keep in mind that FHA loans have competitive rates, offering lower rates than, say, a traditional 30-year fixed loan. And for the first time home buyer mortgage Minnesota is happy to report that you don’t need to put down 20 percent at closing plus closing costs. With FHA loans, you need to only pay 3 percent of the loan at closing– very reasonable.

Do you have a high debt-to-income ratio? The FHA allows for that; they’re generally quite lenient about their loans. If you feel you can afford payments, the FHA will allow a 50 percent debt-to-income ratio. To determine that number, add up your debt, include the proposed new mortgage payment, and then divide it by your monthly income total in order to get your percentage.

A first time home buyer mortgage Minnesota applicant should definitely consider a FHA loan. You just have to meet their credit requirements, have the 3 percent down payment, and be engaged in steady employment if you want your loan to be approved. The overall application process is quite notably easier than a conventional loan.

Minnesota First Time Buyer Assistance

Minnesota_first_time_buyer_assistanceMinnesota first time buyer assistance is available for those who want to make the investment in a new home in the Twin Cities metropolitan region.

In 2015, the Twin Cities housing market is strong. Thanks to favorable interest rates, pending sales increased by 21.8 percent in the cold month of February. To put it another way, 3,834 homes had signed purchase agreements that month, representing–get this–the largest year-over-year increase since October 2012. Not too shabby, huh?

Also of note– new listings were up by 23.2 percent in February, with almost 5,700 new homes available for sale in the metro area. With inventory like that available, take advantage of Minnesota first time buyer assistance with your down payment and mortgage paperwork, and such, available from Lake Area Mortgage should you need it.

Again, 2015 is heating up nicely as the first two months saw more Minnesota real estate buyer and seller activity than for any one month in 2014. The Twin Cities enjoys a diverse and robust economy with the nation’s lowest unemployment rate of any major metro area. Good job prospects helps fuel the strong housing market.

Here’s what you need to know if you’re wondering about statistics: price per square foot these days is about $120. A home is typically on the market for about 106 days. And traditional home sales are up while foreclosure/short sales are down– that’s a good thing, by the way… Overall, prices are rising.

Consumers seem to be pretty confident about the economy in 2015, such that the housing market is both stable and growing. With mortgage rates around 4 percent instead of the more typical 7 percent average, now is a great time for Minnesota first time buyer assistance from Lake Area Mortgage. Call 651-209-2900 to talk about help available to take you from renting to owning, so that you can enjoy the benefits of owning your own house in beautiful Minnesota.

MN Housing in Washington County, MN Down Payment Assistance

mn_housing_in_washington_countyMinnesota is a big state. You could choose to live anywhere in Minnesota, but for the purposes of this article let’s consider MN housing in Washington County.

For those of you who aren’t familiar with Washington County, it’s at the easternmost end of the Minneapolis-St. Paul metro area. If you’re in Washington County and head east, you’ll soon be in Wisconsin.

Washington County is spread out over 423 square miles, with a variety of housing options to choose from in a wide range of different settings. You can live in suburban Oakdale (near St. Paul) or if you want a more rural feel, Afton, which reminds many people of Northern MN. MN Housing in Washington County is also popular for people who want resort-like settings, with stylish and serene lakefront and riverfront homes. Minnesota is known for its many lakes, and they’re all over Washington County. You should check out beautiful Lake Elmo in particular. Stillwater, MN is the county seat, and it overlooks the St. Croix River.

You get the best of both worlds– well three worlds actually– when you live in Washington County. One moment you’re in “the city,” and the next you’re in “the suburbs,” and soon after you find yourself in the rustic, rural areas where there are farmlands, wide open spaces and splendid vistas.

Lake Area Mortgage, a division of Lake Area Bank, can help you find and buy MN housing in Washington County. Down payment assistance is available for qualified buyers. Call Lake Area Mortgage at 651-209-2900 before you start searching for a new place to live– Lake Area Mortgage is in the business of helping people with the process of purchasing a new home in Minnesota, and Washington County is one of those beautiful places where people want to live, work and play! It combines natural beauty with modern amenities and facilities.